The ECU and European Monetary Integration by P. de Grauwe, Paul de Grauwe, T. Peeters

By P. de Grauwe, Paul de Grauwe, T. Peeters

The production of the eu in 1979 as a part of the newly confirmed eu financial procedure was once greeted with frequent scepticism, few envisioned the luck it should have in inner most monetary markets. The macroeconomic and microeconomic implications of the european and its value for financial integration in Europe are thought of by way of quite a few individuals from teachers to these in banking circles. present examine is tested and the theoretical and empirical points of the emergence of the eu as a car for eu policy-making are thought of to supply insights as to its destiny development.

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The usual argument rests on the assumption that the banks cover Eurocurrency deposits of reserves by attracting new borrowers of the Eurocurrency who immediately sell it for their national currency. While such an outcome is possible, it is unlikely. The issue is where the central bank holds the reserves - in the domestic markets or central bank of the reserve currency, or in the Eurocurrency markets. A shift of reserves from the home country to the Eurocurrency markets is thus the proper disturbance to analyse, starting from a position of equilibrium in the markets.

What is the relevance of all this for the ECU and its future prospects? Contrary to Bordo and Schwartz, I tend to believe that the ECU will not grow to a full-fledged European money (in the sense of a generally accepted unit of account and means of payments), except if it is backed by the power of a European 24 The ECU: What Can We Learn from History? political institution. The ECU will only come about as a generally accepted money as part of a political unification process. In a sense Bordo and Schwartz recognize this problem when they say that the ECU can only grow to a true European money if the countries would only fix their exchange rates.

1974) 'The Second Bank of the United States: An Instrument for an Interregional Monetary Union', Joumal of Economic History, vol. 34 (2) (June). pp. 447-62. Giavazzi, F. and A. ' Note di Lavoro, no. 8602, Dipartimento di Scienze Economiche. Universita degli Studi di Venezia. Glassman, D. and A. Redish (1988) 'Currency Depreciation in Early Modern England and France', Explorations in Economic History. Vol. 25. no. 1 (January). pp. 75-97. Horsefield, J. K. ( 1982) 'The "Stop of the Exechequer'' Revisited', Economic History Re1•iew.

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The ECU and European Monetary Integration by P. de Grauwe, Paul de Grauwe, T. Peeters
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